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Private Sector Foundation Uganda (PSFU) has said entrepreneurs should get in the habit of selling a part of their businesses to obtain capital for investment and expansion.

Speaking during a courtesy visit to the Newman Foods factory in Nakawuka, Wakiso District, yesterday, Ms Damali Ssali, the PSFU chief of programmes and projects officer, said whereas progress has been made and success tested, local businesses still face governance and mind-set issues, which have made some make bad business decisions.

“For example, some business founders don’t want to sell part of their companies as way of sourcing capital. I strongly believe it is better to own a smaller percentage of a very big company than own a big percentage of a small company,” she said, noting PSFU would stop at nothing to empower local businesses.

Newman Foods, a food processing company is among the 36 companies benefiting from PSFU’s Lead Firm Structure programme, which is implemented in partnership with Mastercard Foundation and seeks to mitigate unemployment among youth.

Ms Ssali noted that Uganda’s food processing sub-sector continues to exhibit a lot of opportunities, which local companies must tap into.

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